Designation of Land Transaction Permission Zones for Additional New Tong Planning Sites Including Sinbanpo 2nd Complex

Redevelopment Gangdong Cheonho 3-3 District
Reconstruction Seocho Jinhung·Sinbanpo 2nd Phase

Public Redevelopment Areas Also Expanded to Additional Designated Zones
Geoyeosaemaeul District·Jungnang Junghwa 122 Area Targeted

[Asia Economy Reporter Kim Hyemin] To preemptively block real estate speculation arising from redevelopment projects, the Seoul Metropolitan Government has newly designated three sites under the Rapid Integrated Planning (SinTong Planning), including Sinbanpo 2nd in Seocho-gu, and two public redevelopment project sites as land transaction permission zones.

On the 19th, Seoul announced that the 9th Urban Planning Committee held on the 17th approved the designation plan for these land transaction permission zones.

The targeted sites include five locations: ▲ Cheonho 3-3 district in Gangdong-gu (redevelopment) ▲ Seocho Jinheung Apartment in Seocho-gu (reconstruction) ▲ Sinbanpo 2nd Apartment in Seocho-gu (reconstruction), where SinTong Planning projects are underway, and ▲ Geoyeosaemaeul district in Songpa-gu and ▲ Jungnang-dong 122 area in Jungnang-gu, where public redevelopment projects are in progress. The total area amounts to 195,860.4㎡.

In these zones, when trading residential houses, commercial buildings, or land above a certain size, permission must be obtained from the head of the relevant district or city office. Contracts made without permission may result in imprisonment for up to two years or a fine equivalent to 30% of the land price. In particular, residential land must be used solely for actual residence for two years, making a form of 'gap investment' impossible.

In Seoul, the land transaction permission zones apply when the area exceeds 6㎡ in residential zones and 15㎡ in commercial zones.

The designation period for SinTong Planning sites is from the 24th of this month to August 23, 2023, for one year, and for public redevelopment project zones, from the 24th of this month to April 3, 2023. A Seoul city official explained, "The public redevelopment project zones expand the scope of the permission zones designated on April 4, following adjustments such as standardizing redevelopment zones, aligning the designation period with existing land transaction permission zones."

Cho Namjun, Director of the Seoul Urban Planning Bureau, stated, "While normalizing redevelopment and reconstruction projects that have been stalled for a long time, we aim to thoroughly block side effects such as the influx of speculative forces. In addition, we plan to take measures such as carefully monitoring transaction analysis and market conditions."

This content was produced with the assistance of AI translation services.